Consensys Spins Off Consumer-Focused MetaMask
Consensys Software Inc. has announced it will split into two separate companies by the end of the year. The consumer wallet venture, MetaMask, will become a standalone company with co-founder Joe Lubin serving as chairman and CEO. This is in contrast to the institutional side of the business, which will retain the Consensys name but have new leadership.
Lubin stated that the decision was made due to the rapid growth of the consumer side of the business, which has seen over 100 million downloads from around 190 countries and processed trillions of dollars in cumulative transaction volume. MetaMask is now positioned as a platform where users can hold, spend, save, and grow money with crypto and traditional assets.
The new Consensys company will focus on banks and asset managers, with financial firms such as Citi, DTC, and BNY Mellon currently running on its infrastructure. The market for tokenized assets is predicted to reach between $5.5 trillion and $8.2 trillion by 2030, according to a report from June.
The separation of the two companies comes at an uncertain time for Consensys, which had sought to go public earlier this year but postponed it due to the decline in crypto markets. Lubin declined to comment on future IPO plans or the possibility of a MetaMask token.